投资者情绪对我国公开增发市场反应的影响

How the Investor Sentiment affect Our Public SEO Market Reaction

本文从心理学角度分析了投资者情绪对其决策的影响过程,得出投资者情绪会影响公开增发的市场反应。如果投资者情绪逐步高涨,受其影响,公开增发的市场反应也是由负到正逐步变大。接着以A股市场2006年至2010年来实施公开增发的上市公司为样本,利用变系数模型,实证了在不同投资者情绪下,公开增发市场反应的差异性。

In this paper, we analyze how sentiment of investors influence investment decisions by using principles of psychology, conclude that the investor sentiment will affect the market reaction to public SEO （seasoned equity offerings）. While the investor sentiment gradually rising, our public SEO market reaction will gradually inerease from negative to positive. Taking public SEO companies of Chinese A share from 2006 to 2010 as samples and using varying-coefficient model, we investigate the difference of SEO market reaction under different sentiments of investor.